Poland intends to launch an investment fund for the development of Polish and Ukrainian entrepreneurs in Ukraine with the possibility of investment insurance, as announced by the government representative for Polish-Ukrainian cooperation in development, Jadwiga Emilewicz, during a meeting with entrepreneurs held recently at the Kyiv office of the Polish Investment and Trade Agency.
"By the end of the year, in cooperation with the Polish Development Fund, we are preparing to launch an investment fund that will finance the development of small and medium-sized Ukrainian and Polish companies in Ukraine," Emilewicz said.
She mentioned that to implement this and other projects, the Ministry of Finance of Poland has agreed to increase state funding for cooperation programs with Ukraine from 2024. However, she did not provide further details.
Emilewicz noted that the investment insurance will be provided by the Polish State Corporation for Export Credit Insurance (KUKE), which expanded its scope of activities after changes in legislation and has been insuring and reinsuring investment and export contracts for not only Polish but also international companies, including Ukrainian ones, since September.
"KUKE is the only insurer in the world that takes on risks associated with payment for delivered products and their transportation to clients in Ukraine. Currently, KUKE is implementing the first contract on behalf of a company outside of Poland - it is insurance of risks for a German company investing in Ukraine," Emilewicz reported.
Another opportunity for attracting investments in Ukraine's recovery, she mentioned, is the opening of the UN Office for Project Services (UNOPS) office in Poland. An agreement with the UN was reached in September.
"The UNOPS office will operate closer to the borders of Ukraine, allowing for more international financing for recovery projects. We are organizing training for Polish entrepreneurs to prepare them for UNOPS tenders, and Ukrainian businessmen will soon have the opportunity to do the same," explained the government representative.
She reminded that UNOPS implements projects for the UN system, international financial institutions, and governments in the areas of infrastructure, procurement, project management, financial management, and human resources.
The Polish Development Fund combines six state institutions that provide financing, insurance, and support for Polish companies in the domestic and international markets. The total funding for the development of Polish companies amounts to 21.6 billion Polish zlotys (almost $5.2 billion at the current exchange rate). Part of the fund is the Polish Investment and Trade Agency, representing the interests of Polish business in 70 regions. Since the full-scale invasion, the central office of the agency in Warsaw has opened a "Diia.Biznes" representation and co-working space for Ukrainian entrepreneurs."
